Nifty futures opened at 6027 level and was moving down from open to close at 5973.05 after making a low at 5969.15. Futures are still in a range of 5975 to 6050 but this range of breached for today and closed just near it. On Monday failure to stay within this range of 75 points we may see more downside up to 5900 levels with 5928 being critical. On charts futures hit the support at top of the aqua channel. Moving into the channel will be negative and bouncing from here will be again in this range. Divergence yet to be played out as seen in indicators. But working on levels will make the traders comfortable. We closed below the level of 5975 and supports are at 5898 as per monthly levels which is the pivot. The other levels hit in this series are 5975(level 1) and 6050(level 2). Intraday traders can look at the levels on spot nifty given below to trade on Monday.
Trade Levels for Monday :
No trade between 5932 and 5971(To avoid whipsaws)
Buy above 5971 sl of 5951
targets 5990-6009(add positions, breakout on the upside),
6028-6047-6066-6085-6104.
Sell below 5932 sl of 5952
targets 5913-5894(add positions,breakout on the downside)
5875-5856-5837-5818-5799.
Happy Trading !!!
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